“Longer term, the opportunity for AT&T to improve TWX's ad monetization by integrating data could provide additional synergy, but we are in the very early stages of targeted advertising for AT&T,” KeyBanc analysts wrote in an note.

“With TWX and FOXA likely off the table, we do not believe that any of the remaining media assets could provide Verizon enough scale to compete in what is increasingly becoming a business where scale matters,” KeyBanc wrote.

Consolidation in tech and content is not seen to affect Netflix, whose competitive moat protects it from emerging OTT rivals.

Effects On Managed Care

The deal’s approval was also hailed a victory for firms in distant sectors.

“The highly anticipated T-TWX court decision is in favor of the companies and against the DOJ, meaningfully increasing the probability that the two vertical mega-mergers will close,” Leerink wrote. “[...] We expect the spreads for targets AET and ESRX will continue to narrow in the coming days.”

Deutsche Bank agreed and predicted CVS-Aetna will close in the second half of the year.